Ethiopia, Italy Sign Loan Grant Accord

by Zelalem

Ethiopia-Italy-ink-loan-accordSeptember 16, 2017 – Ethiopia and Italy signed a cooperation framework that would last for three years, reports Ethiopian News Agency. Through the framework, the government of Italy will extend 125 million Euros development assistance to Ethiopia. Of the total assistance the 45 million Euros is extended in the form of grant, while 80 million Euro in the form of loan.

The cooperation framework is crucial to support the efforts of the Ethiopian government to achieve comprehensive and sustainable development. Comprehensive and sustainable agricultural development, accessibility of basic services, governance and building capacity of refugees are the focal areas in the cooperation framework, it was indicated.

Out of the total assistance 64 million USD will be used to finance the construction of agro-processing parks, value chain development, entrepreneurial development, leather industry and drought resilient projects.

The remaining money will be used to carry out the projects for potable water supply and sanitation, health service provision in Ethiopia’s rural areas, and for expenditures related to administration and migration.

The accord was inked by Ethiopia’s State Minister of Finance and Economic Cooperation, Admasu Nebebe, and Italian Ambassador to Ethiopia, Giuseppe Mistretta.

Source: Ethiopian News Agency

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